Panoro Energy ASA (the “Company” or “Panoro” with OSE Ticker: PEN) has announced in a press release the completion of the acquisition of OMV Tunisia Upstream GmbH and its Tunisian assets.
Thus, Panoro Tunisia Production AS (“PTP”, 60% owned) now holds an indirect 49% interest in five oil producing concessions in Tunisia, with proven and probable net reserves of 8.1 million barrels as of 1 July 2018 and net current production of approximately 2,000 barrels per day net for Panoro from 14 wells.
In addition, Panoro Tunisia Production AS indirectly owns 50% of Thyna Petroleum Services SA (“TPS”), an experienced operating company based in Tunisia.
Commenting on the closing of this acquisition, Panoro President and CEO John Hamilton said: “We are extremely pleased to have completed this acquisition in Tunisia, especially as it is part of Panoro’s strategy to continue building an independent international exploration and production company focused on Africa. »
John Hamilton added that TPS concessions are high quality oil-producing assets, characterized by low decline rates and break-even points, insisting that they are well managed and offer substantial upside potential.
He concluded: “We look forward to working with ETAP and TPS’s experienced team and all stakeholders involved in these concessions. With our strategic partners, Beender Petroleum and Mercuria Energy, we intend to achieve our ambitious growth objectives in the country and optimize the value of our portfolio in the short and long term. »